D-Wave Quantum (NYSE:QBTS) Trading Up 5.7% - Here's What Happened

D-Wave Quantum Inc. (NYSE:QBTS) saw its shares rise by 5.7% on Wednesday, reaching a high of $3.32 before closing at $3.16. During mid-day trading, approximately 16,173,480 shares were exchanged, which is a significant increase of 167% from the average daily volume of 6,067,124 shares. This spike follows a previous closing price of $2.99.

Analyst Insights

Several financial analysts have recently provided insights on D-Wave Quantum. For instance, Needham & Company reaffirmed a "buy" rating with a price target of $2.25 as of November 15. However, Roth MKM revised their price target downward from $3.00 to $2.00 while maintaining a "buy" rating on August 13. Additionally, Benchmark adjusted their price target from $4.00 to $3.00, also with a "buy" rating, on August 12. Westpark Capital has similarly reaffirmed a "buy" rating with a target set at $3.00 on August 9. On the other hand, B. Riley raised their price target from $3.75 to $4.50 while continuing to advise a "buy" rating on November 25. According to MarketBeat, the stock is currently seen as a "Buy" by six different investment analysts, with a consensus target price of $2.88.

Stock Performance Overview

D-Wave Quantum's performance includes a market capitalization of $672.03 million, a PE ratio of -7.52, and a beta of 1.79, which indicates a level of volatility in comparison to the market. The company’s 50-day and 200-day simple moving averages are $1.46 and $1.21, respectively.

Institutional Investment Activity

Recent trading has seen fluctuations in institutional investment in D-Wave Quantum. Baader Bank Aktiengesellschaft acquired a new stake worth $28,000 in the second quarter, while Thoroughbred Financial Services LLC purchased shares valued at about $45,000. SG Americas Securities LLC and Bogart Wealth LLC have also made new stakes in the company worth approximately $42,000 and $49,000, respectively, in the third quarter. Furthermore, Instrumental Wealth LLC increased their holdings in D-Wave Quantum by 85.9%, owning now 54,240 shares worth around $62,000 after an addition of 25,067 shares. This indicates that institutional investors currently hold about 42.47% of D-Wave Quantum’s stock.

Company Background

D-Wave Quantum Inc. focuses on developing and providing quantum computing systems, software, and services across the globe. The company’s portfolio includes the Advantage, a fifth-generation quantum computer, the Ocean, a suite of open-source Python tools, and the Leap cloud service that offers real-time access to a live quantum computer along with various support tools and resources for developers.

D-Wave, Quantum, Stock